TFS announces first $US2.5m sandalwood shipment to China

TFS Corporation says it has received its first payment ($US2.25 million) from the sale of processed sandalwood to China.

The payment has been received ahead of the first shipment of Indian sandalwood, which is scheduled to depart Fremantle on September 30.

Subsequent deliveries under the company’s five-year agreement to supply 150 tonnes per annum of processed heartwood to China are expected to occur monthly.

TFS managing director Frank Wilson described the first shipment of WA-harvested sandalwood to China as an important milestone for the company.

“We now supply our processed wood and oil products to all the major markets in the world, including Europe, the US, India and now China under five major multi-year supply agreements,” he said.

“We have forward sold the vast majority of our harvests over the next five years at attractive prices and this demonstrates the significant global demand for legal, sustainable and authentic Indian sandalwood.”

Shares in the company were up 4.5 cents, or 3.14 per cent, to $1.48 at 12.35pm.

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